GBPUSD Elliot Waves Analysis For 3 August 2016

03 August 2016, GBP/USD

Wave Analysis

GBP/USD is currently trading with a bullish bias. Yesterday, the pair traded long as previously forecasted and may still trade on the higher ranges during this intraday. We will only remain long but only up to 1.3479, a clear breakout above this resistance level will push the price further to the upper side.Ideally, the anticipated upward rally should be the unfolding of wave (c)but should not go beyond 1.4119. This pair should be traded alongside GBP/JPY, GBP/CHF, GBP/AUD, GBP/CAD and GBP/NZD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at 1.3479. A breakout above this target will push the price further towards 1.3678 or even higher to 1.41199.